Point of Interest: Capital One Credit Cards
Capital One has got you covered if you’re anyone from a foodie to an avid traveler. Take a look at their Venture credit cards if you’re interested in travel rewards and at the Quicksilver credit cards if you’re more into cash back rewards – depending on what you spend the most on today.
Capital One is a well-respected American financial firm known for its diverse line of credit cards. The company’s cards are often featured on “best of” credit card lists for their rewards rates, bonus offers and extra benefits. With offerings for cardholders of all credit levels, there’s something for everyone in the Capital One lineup.
The challenge? With so many options available, it’s easy to get overwhelmed by APRs, features and rewards offers. We can help: Here’s our breakdown of the best Capital One credit cards in 2020 — where they excel, where they come up short and which one is the best fit for your wallet.
Best Capital One Credit Cards of 2020
- Capital One® Venture® Rewards Credit Card: Best overall travel rewards card
- Capital One® VentureOne® Rewards Credit Card: Best for low fees
- Capital One® Quicksilver® Cash Rewards Credit Card: Best for easy cash back
- Capital One® Savor® Cash Rewards Credit Card: Best for dining and entertainment cash back
- Capital One® QuicksilverOne® Cash Rewards Credit Card: Best cash back card for average credit
- Capital One® Platinum Credit Card: Best for building credit
Capital One® Venture® Rewards Credit Card — Best overall travel rewards card
- APR: 17.24%-24.49% variable APR.
- Annual Fee: $0 for the first year, $95 thereafter.
- Primary Feature: Earn 2x unlimited miles per dollar for every purchase you make.
- Introductory Bonus offer: Get 50,000 bonus miles when you spend at least $3,000 on purchases in the first three months.
Capital One® VentureOne® Rewards Credit Card — Best for low fees
- APR: 0% intro APR for the first 12 months, then 14.49-24.49% variable APR.
- Annual Fee: $0
- Primary Feature: Get 1.25 reward miles for every dollar spent on purchases.
- Introductory Bonus offer: Earn 20,000 bonus reward miles if you spend $1,000 in the first three months after account opening.
Capital One® Quicksilver® Cash Rewards Credit Card — Best for easy cash back
- APR: 0% APR for the first 15 months, then 15.49%-25.49% variable APR.
- Annual Fee: $0
- Primary Feature: Unlimited 1.5% cash back on every purchase, every day.
- Introductory Bonus offer: Get a one-time cash back bonus of $150 if you spend at least $500 in the first three months.
Capital One® Savor® Cash Rewards Credit Card — Best for dining and entertainment cash back
- APR: 15.99%-24.99% variable APR.
- Annual Fee: $0 for the first year, then $95.
- Primary Feature: Tiered cash back earnings — 4% for dining and entertainment, 2% at grocery stores and 1% on all other purchases.
- Introductory Bonus offer: Enjoy a $300 cash bonus after spending $3,000 on purchases in the first three months.
Capital One® QuicksilverOne® Cash Rewards Credit Card — Best cash back card for average credit
- APR: 26.99% variable APR.
- Annual Fee: $39
- Primary Feature: Enjoy unlimited 1.5% cash back on all purchases.
- Introductory Bonus offer: No bonus offer.
Capital One® Platinum Credit Card — Best for building credit
- APR: 26.99% variable APR.
- Annual Fee: $0
- Primary Feature: Build credit with card by getting access to a higher credit line after making your first five monthly payments on time.
- Introductory Bonus offer: No bonus offer.
Compare Best Capital One Credit Cards of 2020
|Card||0% Purchase APR||Regular APR||Annual Fee|
|Capital One® Venture® Rewards Credit Card||N/A||17.24-24.49%||$95 after the first year.|
|Capital One® VentureOne®|
Rewards Credit Card
|Capital One® Quicksilver® Cash Rewards Credit Card||15 months||15.49-25.49%||$0|
|Capital One® Savor® Cash Rewards Credit Card||N/A||15.99-24.99%||$0 first year; $95 after that|
|Capital One® QuicksilverOne® Cash Rewards Credit Card||N/A||26.99%||$39|
|Capital One® Platinum Credit Card||N/A||26.99%||$0|
More about Capital One credit cards
Capital One credit cards are designed to offer choice: If you want great travel rewards, the Capital One® Venture® Rewards and Capital One® VentureOne® Rewards credit cards are a great fit, offering miles earning potential and multiple redemption options. If cash back is your priority, you can choose the steady gains of the Capital One® Quicksilver® Cash Rewards Credit Card or opt for the more specific dining and entertainment bonuses that come with the Capital One® Savor® Cash Rewards Credit Card. The company also offers options for cardholders with average credit or those looking to build a better credit rating with their Capital One® QuicksilverOne® Cash Rewards Credit Card and Platinum options.
Beyond specific card offerings, however, it’s also worth digging a little deeper into the advantages of choosing Capital One over other credit providers. Here are some of the most frequently asked questions about Capital One credit cards.
What are the benefits of having a Capital One credit card?
Capital One credit cards are some of the most well-respected and best-recognized on the market. As a result, cardholders enjoy the confidence that travel reward miles and cash back earnings will be honored quickly and in full. In addition, Capital One’s position as a market leader has helped the company establish solid partnerships with popular travel companies, in turn providing ample choice when it comes to flight, hotel and travel experience redemption.
All cardholders also get access to great account benefits including automatic payment scheduling, email or text account alerts and 24/7 customer service. Security features such as virtual account numbers from Eno, $0 fraud liability and mobile app-enabled card lock help reduce the risk of fraud, while travel benefits like no foreign transaction fees, 24-hour travel assistance services and travel accident insurance make Capital One cards the ideal companion whenever you’re out of the country.
Do Capital One credit cards have high limits?
Credit limits on Capital One credit cards vary significantly depending on card type and your personal financial history. For example, cards that require higher credit ratings — such as the Capital One® Venture® Rewards Credit Card — will offer higher limits. Those designed for credit building — like the Capital One® Platinum Credit Card — are more modest.
Capital One does offer the ability to increase your credit line upon request, depending on your account type and specific credit profile. Some accounts are not eligible for credit increases. These include accounts that are less than three months old, are secured credit accounts or those that have already received a credit increase (or decrease) in the last six months.
Several factors determine your eligibility for credit line increases. These include payments made on-time with all creditors, payments that pay off some or all of your balance rather than the accrued interest and your overall credit score. When applying for a credit line increase for your Capital One credit card, you’ll need to provide the company with your total annual income, employment status and monthly mortgage or rent payment. If approved, you’ll be given the highest amount possible by Capital One — but you can choose to take a lower amount if it’s a better fit for your finances.
What credit score do you need to qualify for a Capital One credit card?
Capital One credit cards are suitable for cardholders across a range of credit scores. As a general rule, cards with higher reward rates and bigger bonus offers will require higher credit scores, while those designed for lower credit scores will typically have higher APR and often come with no annual fee.
Capital One defines four credit levels that are used to assess client applications:
Excellent credit — Cardholders with excellent credit have never defaulted on a loan or declared bankruptcy, have never been more than 60 days late on any credit card, medical bill or loan in the last year and have at least a three-year history of credit card accounts with limits over $5,000 are deemed to have excellent credit.
Good credit — Clients with good credit have not declared bankruptcy or defaulted on a loan in the past five years and have not been more than 30 days late on a payment in the last year.
Average credit — This includes customers with average credit who have either defaulted on a loan in the past five years or have limited personal credit history of three years or less. In many cases, customers who are new to the United States or those who are authorized users on someone else’s card fall into this category.
Rebuilding credit — Applicants rebuilding their credit have either defaulted on loans more than once or have been declined for a credit card in the last three years.
What does this mean in practice? Cards like Capital One® Venture® Rewards Credit Card require excellent credit, while Capital One® Platinum Credit Card and Capital One® QuicksilverOne® Cash Rewards Credit Card only require average credit for approval. Therefore, don’t get discouraged if your credit score is less-than-ideal, as you may still have options.
How often does Capital One increase credit limits?
For most Capital One credit cards, there’s no fixed timeline for credit limit increases. As noted above, once your account has been active for more than three months and you’ve made all payments on time, you’re eligible to apply for a credit line increase. You can do so whenever you’d like a boost in your limits. Depending on your current income, debts and outstanding financial commitments such as rent or mortgage payments, your request may be approved for the full increase, approved for a partial increase or declined.
For specific cards — such as the Capital One® Platinum Credit Card — the “credit steps” program provides access to a higher credit line after your first five monthly payments are made on time. The amount of this increase will vary according to your personal credit history and income.
The final word
Capital One credit cards offer a range of benefits, bonuses and reward rates to meet your specific financial needs. For avid travelers with excellent credit scores, the company’s Venture cards provide a great way to earn miles on every purchase and get bonus miles for initial spending. With great partners and easy redemption options, Capital One® Venture® Rewards Credit Card can help shorten the time until your next trip.
If you’ve got excellent, good or average credit and you’re looking for cash back, Capital One has you covered with options like Capital One® Quicksilver® Cash Rewards Credit Card, Capital One® QuicksilverOne® Cash Rewards Credit Card, and Capital One® Savor® Cash Rewards Credit Card. If maximum cash back and bonus offers are your preference, choose Capital One® QuicksilverOne® Cash Rewards Credit Card. If dining and entertainment are your spending preferences, get the most from your purchases with Capital One® Savor® Cash Rewards Credit Card. If your credit score isn’t ideal but cash back is your top priority, go with the Capital One® QuicksilverOne® Cash Rewards Credit Card.
Capital One cards can also help you build credit with the Capital One® Platinum Credit Card option. While you won’t get the miles or cash back of other cards, this credit solution requires only average credit and gets you on the path to improved credit scores.